EOG Resources Announces Second Quarter 2017 Results
Exceeds Crude Oil, NGL and Natural Gas Production Targets
Delivers Per-Unit Lease and Well, Transportation and DD&A Rates Below Targets
Increases 2017 U.S. Crude Oil Growth Forecast to 20 Percent from 18 Percent
Maintains 2017 Capital Expenditure Guidance
Reduces First-Half 2017 Completed Well Costs by an Average of 7 Percent
FOR IMMEDIATE RELEASE: Tuesday, August 1, 2017
HOUSTON - EOG Resources, Inc. (EOG) today reported second quarter 2017 net income of $23.1 million, or $0.04 per share. This compares to a second quarter 2016 net loss of $292.6 million, or $0.53 per share.
Adjusted non-GAAP net income for the second quarter 2017 was $46.7 million, or $0.08 per share, compared to an adjusted non-GAAP net loss of $209.7 million, or $0.38 per share, for the same prior year period. Adjusted non-GAAP net income (loss) is calculated by matching commodity derivative contract realizations to settlement months and making certain other adjustments in order to exclude non-recurring items. (Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.)
Increased crude oil volumes and higher commodity prices resulted in increases to adjusted non-GAAP net income, discretionary cash flow and EBITDAX during the second quarter 2017 compared to the second quarter 2016. (Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.)
EOG grew second quarter total crude oil volumes 25 percent to 334,700 barrels of oil per day (Bopd), setting a company oil production record. Natural gas liquids (NGLs) and natural gas production also exceeded targets, contributing to 10 percent total company production growth compared to the second
The following information was filed by Eog Resources Inc (EOG) on Tuesday, August 1, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: EOG CIK: 821189 Form Type:10-Q Quarterly Report Accession Number: 0000821189-17-000038 Submitted to the SEC: Tue Aug 01 2017 5:00:56 PM EST Accepted by the SEC: Tue Aug 01 2017 Period: Friday, June 30, 2017 Industry: Crude Petroleum And Natural Gas